Las Vegas Sands has released its 2021 fourth quarter results and the image that emerges is of a lumbering giant still affected by pandemic-induced lockdowns.
In the quarter ending December 31, net revenue stood at $1.01bn, a year-on-year decrease of 0.7%. With this came an operating loss of $138m, an increase over the $119m seen the year before.
Fourth quarter net loss was $313m, again slightly more than the $303m of the year before. Property EBITDA was $251m, an increase from the $191m of the prior year.
From this report, a fuller picture of the entire year can emerge: an operating loss of $689m (compared to $1.39bn seen in 2020).
Other highlights of the year include the decision to sell its property and operations in Las Vegas for $6.25bn. This transaction is due to take place by the end of the first quarter of 2022.
Things are expected to pick up in 2022, as more people return to travel and Covid-19 settles in as an endemic part of life. As Robert G. Goldstein, CEO and Chairman, commented: “We remain confident in the eventual recovery in travel and tourism spending across our markets and enthusiastic about the opportunity to welcome more guests back to our properties in 2022 and the years ahead.
“While pandemic-related travel restrictions continue to impact our current financial performance, we again generated positive EBITDA in each of our markets. We remain deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the pandemic.”
Las Vegas Sands is a behemoth in the integrated resort world. Among its properties are the Marina Bay Sands, the Venetian Macao, the Plaza Macao and the Four Seasons Macao.
